By Sheri Kasprzak
New York, Aug. 24 - The City of Houston revealed the full terms of its $229 million sale of series 2010C first-lien combined utility system revenue refunding bonds, according to a pricing sheet.
The bonds (Aa2/AA/AA) were sold through RBC Capital Markets Corp. The co-managers were J.P. Morgan Securities Inc., Siebert Brandford Shank & Co. LLC, Fidelity Capital Markets LLC, Jefferies & Co. and Southwest Securities Inc.
The bonds are due 2011 to 2019 with 2% to 5% coupons.
Proceeds will be used to refund and defease the city's outstanding series 1997E, 1999B-C and 2000A water and sewer system junior-lien revenue refunding bonds.
| Issuer: | City of Houston
|
| Issue: | Series 2010C first-lien combined utility system revenue refunding bonds
|
| Amount: | $229 million
|
| Type: | Negotiated
|
| Underwriters: | RBC Capital Markets Corp. (lead); J.P. Morgan Securities Inc.; Siebert Brandford Shank & Co. LLC; Fidelity Capital Markets LLC; Jefferies & Co.; and Southwest Securities Inc. (co-managers)
|
| Ratings: | Moody's: Aa2
|
| Standard & Poor's: AA
|
| Fitch: AA
|
| Pricing date: | Aug. 24
|
| Settlement date: | Sept. 1
|
|
|
| Maturity | Type | Coupon | Price
|
| 2011 | Serial | 2% | 101.958
|
| 2012 | Serial | 2% | 103.241
|
| 2012 | Serial | 5% | 109.81
|
| 2013 | Serial | 2% | 104.048
|
| 2013 | Serial | 5% | 113.537
|
| 2014 | Serial | 2% | 104.233
|
| 2014 | Serial | 5% | 116.566
|
| 2015 | Serial | 5% | 117.9
|
| 2016 | Serial | 4% | 113.489
|
| 2016 | Serial | 5% | 119.354
|
| 2017 | Serial | 4% | 113.356
|
| 2018 | Serial | 3% | 105.511
|
| 2018 | Serial | 5% | 120.413
|
| 2019 | Serial | 4% | 112.614
|
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